DBS Group Holdings
DBS Group Holdings Ltd provides financial products and services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. The last earnings update was 24 days ago. More info.
Add to Portfolio Compare Print
D05 Share Price and Events
7 Day Returns
1 Year Returns
D05 Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| DBS Group Holdings (D05) | -3.3% | -7.4% | 2.5% | -11.5% | 66.1% | 50.8% |
| Asia Banks | 1.5% | -5.9% | -2% | -12.1% | 34.6% | 13.3% |
| SG Market | -1.1% | -4.5% | -3% | -9.4% | 9.7% | -8% |
1 Year Return vs Industry and Market
- D05 underperformed the Market in Singapore which returned -9.4% over the past year.
D05 Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
DBS Group Holdings
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for DBS Group Holdings.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | Excess Returns Model | |
| Stable EPS |
Weighted future Return on Equity estimates from 18 analysts.
= Stable Book Value * Return on Equity = SGD20.59 * 12.7% |
SGD2.62 |
| Book Value of Equity per Share | Weighted future Book Value estimates from 15 analysts. | SGD20.59 |
| Discount Rate (Cost of Equity) | See below | 9.3% |
| Perpetual Growth Rate | 10-Year SG Government Bond Rate | 2.3% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year SG Govt Bond Rate | 2.3% |
| Equity Risk Premium | S&P Global | 6% |
| Banks Unlevered Beta | Simply Wall St/ S&P Global | 0.59 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.586 (1 + (1- 17%) (137.9%)) |
1.172 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.17 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.172 * 5.96%) |
9.29% |
Discounted Cash Flow Calculation for SGX:D05 using Excess Returns Model Model
The calculations below outline how an intrinsic value for DBS Group Holdings is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.
In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.
The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.
Note the calculations below are per share.
See our documentation to learn about this calculation.
| Calculation | Result | |
|---|---|---|
| Excess Returns |
= (Stable Return on equity – Cost of equity) (Book Value of
Equity per share)
= (12.7% – 9.29%) * SGD20.59) |
SGD0.71 |
| Terminal Value of Excess Returns |
= Excess Returns / (Cost of Equity -
Expected Growth Rate)
= SGD0.71 / (9.29% - 2.3%) |
SGD10.16 |
| Value of Equity |
= Book Value per share + Terminal Value of
Excess Returns
= SGD20.59 + SGD10.16 |
SGD30.75 |
| Calculation | Result | |
|---|---|---|
| Value per share (SGD) | From above. | SGD30.75 |
| Current discount | Discount to share price of
SGD25.43
= -1 x (SGD25.43 - SGD30.75) / SGD30.75 |
17.3% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- DBS Group Holdings's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- DBS Group Holdings's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for DBS Group Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
DBS Group Holdings's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in SGD | SGD2.20 |
| SGX:D05 Share Price ** | SGX (2019-05-22) in SGD | SGD25.43 |
| Asia Banks Industry PE Ratio | Median Figure of 55 Publicly-Listed Banks Companies | 10.14x |
| Singapore Market PE Ratio | Median Figure of 322 Publicly-Listed Companies | 12.49x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of DBS Group Holdings.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = SGX:D05 Share Price ÷ EPS (both in SGD) = 25.43 ÷ 2.20 |
11.55x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- DBS Group Holdings is overvalued based on earnings compared to the Asia Banks industry average.
- DBS Group Holdings is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does
DBS Group Holdings's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 11.55x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts |
7.4%per year |
| Asia Banks Industry PEG Ratio | Median Figure of 38 Publicly-Listed Banks Companies | 1.02x |
| Singapore Market PEG Ratio | Median Figure of 120 Publicly-Listed Companies | 1.55x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 11.55x ÷ 7.4% |
1.56x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- DBS Group Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
DBS Group Holdings's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in SGD | SGD19.85 |
| SGX:D05 Share Price * | SGX (2019-05-22) in SGD | SGD25.43 |
| Asia Banks Industry PB Ratio | Median Figure of 74 Publicly-Listed Banks Companies | 0.68x |
| Singapore Market PB Ratio | Median Figure of 432 Publicly-Listed Companies | 0.71x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = SGX:D05 Share Price ÷ Book Value per Share (both in SGD) = 25.43 ÷ 19.85 |
1.28x |
* Primary Listing of DBS Group Holdings.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- DBS Group Holdings is overvalued based on assets compared to the Asia Banks industry average.
Value checks
We assess DBS Group Holdings's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check) DBS Group Holdings has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
D05 Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- DBS Group Holdings's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
- DBS Group Holdings's earnings growth is expected to exceed the Singapore market average.
- DBS Group Holdings's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| SGX:D05 Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts | 7.4% |
| SGX:D05 Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts | 7.2% |
| Asia Banks Industry Earnings Growth Rate | Market Cap Weighted Average | 11.6% |
| Asia Banks Industry Revenue Growth Rate | Market Cap Weighted Average | 10.9% |
| Singapore Market Earnings Growth Rate | Market Cap Weighted Average | 5.7% |
| Singapore Market Revenue Growth Rate | Market Cap Weighted Average | 4.8% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
| Date (Data in SGD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 16,231 | 7,105 | 13 | |
| 2020-12-31 | 15,260 | 6,581 | 18 | |
| 2019-12-31 | 14,209 | 6,170 | 17 |
| Date (Data in SGD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 12,752 | -18,906 | 5,631 |
| 2018-12-31 | 12,473 | -20,881 | 5,491 |
| 2018-09-30 | 12,260 | -27,920 | 5,377 |
| 2018-06-30 | 11,365 | -39,059 | 4,766 |
| 2018-03-31 | 10,887 | -34,164 | 4,562 |
| 2017-12-31 | 10,377 | -21,243 | 4,296 |
| 2017-09-30 | 9,902 | -28,537 | 4,040 |
| 2017-06-30 | 10,151 | -17,018 | 4,309 |
| 2017-03-31 | 10,084 | -10,257 | 4,230 |
| 2016-12-31 | 10,055 | -16,222 | 4,188 |
| 2016-09-30 | 10,094 | 7,689 | 4,290 |
| 2016-06-30 | 10,132 | -3,383 | 4,285 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
All data from DBS Group Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in SGD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 2.75 | 3.00 | 2.53 | 14.00 |
| 2020-12-31 | 2.56 | 2.72 | 2.41 | 20.00 |
| 2019-12-31 | 2.41 | 2.50 | 2.27 | 19.00 |
| Date (Data in SGD Millions) | EPS * |
|---|---|
| 2019-03-31 | 2.20 |
| 2018-12-31 | 2.15 |
| 2018-09-30 | 2.10 |
| 2018-06-30 | 1.86 |
| 2018-03-31 | 1.79 |
| 2017-12-31 | 1.68 |
| 2017-09-30 | 1.59 |
| 2017-06-30 | 1.70 |
| 2017-03-31 | 1.67 |
| 2016-12-31 | 1.66 |
| 2016-09-30 | 1.71 |
| 2016-06-30 | 1.71 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess DBS Group Holdings's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Asia market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
DBS Group Holdings has a total score of 3/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
D05 Past Performance
How has DBS Group Holdings performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- DBS Group Holdings's year on year earnings growth rate has been positive over the past 5 years.
- DBS Group Holdings's 1-year earnings growth exceeds its 5-year average (23.4% vs 5.6%)
- DBS Group Holdings's earnings growth has exceeded the Asia Banks industry average in the past year (23.4% vs 6.3%).
Earnings and Revenue History
All data from DBS Group Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in SGD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 12,752.00 | 5,631.00 | 3,537.00 | |
| 2018-12-31 | 12,473.00 | 5,491.00 | 3,471.00 | |
| 2018-09-30 | 12,260.00 | 5,377.00 | 3,331.00 | |
| 2018-06-30 | 11,365.00 | 4,766.00 | 3,204.00 | |
| 2018-03-31 | 10,887.00 | 4,562.00 | 3,146.00 | |
| 2017-12-31 | 10,377.00 | 4,296.00 | 3,078.00 | |
| 2017-09-30 | 9,902.00 | 4,040.00 | 2,747.00 | |
| 2017-06-30 | 10,151.00 | 4,309.00 | 3,028.00 | |
| 2017-03-31 | 10,084.00 | 4,230.00 | 2,984.00 | |
| 2016-12-31 | 10,055.00 | 4,188.00 | 2,972.00 | |
| 2016-09-30 | 10,094.00 | 4,290.00 | 2,946.00 | |
| 2016-06-30 | 10,132.00 | 4,285.00 | 2,940.00 | |
| 2016-03-31 | 10,142.00 | 4,351.00 | 2,834.00 | |
| 2015-12-31 | 10,180.00 | 4,417.00 | 2,892.00 | |
| 2015-09-30 | 9,918.00 | 4,243.00 | 2,851.00 | |
| 2015-06-30 | 9,724.00 | 4,185.00 | 2,556.00 | |
| 2015-03-31 | 9,346.00 | 4,037.00 | 2,623.00 | |
| 2014-12-31 | 9,174.00 | 3,999.00 | 2,514.00 | |
| 2014-09-30 | 9,265.00 | 4,169.00 | 2,434.00 | |
| 2014-06-30 | 8,927.00 | 4,023.00 | 2,370.00 | |
| 2014-03-31 | 8,806.00 | 3,941.00 | 2,342.00 | |
| 2013-12-31 | 8,377.00 | 3,660.00 | 2,281.00 | |
| 2013-09-30 | 8,452.00 | 3,909.00 | 2,356.00 | |
| 2013-06-30 | 8,402.00 | 3,903.00 | 2,318.00 | |
| 2013-03-31 | 8,179.00 | 3,826.00 | 2,248.00 | |
| 2012-12-31 | 8,097.00 | 3,809.00 | 2,218.00 | |
| 2012-09-30 | 7,490.00 | 3,300.00 | 2,045.00 | |
| 2012-06-30 | 7,278.00 | 3,206.00 | 2,000.00 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- DBS Group Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- DBS Group Holdings used its assets more efficiently than the Asia Banks industry average last year based on Return on Assets.
- Unable to establish if DBS Group Holdings improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
Past performance checks
We assess DBS Group Holdings's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
DBS Group Holdings has a total score of 4/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
D05 Health
This company is a bank or financial institution.Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Balance sheet
Assets
Liabilities and shares
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from DBS Group Holdings Company Filings, last reported 1 month ago.
| Date (Data in SGD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 51,611.00 | 90,792.00 | 26,076.00 |
| 2018-12-31 | 49,875.00 | 88,651.00 | 31,250.00 |
| 2018-09-30 | 48,515.00 | 84,043.00 | 30,820.00 |
| 2018-06-30 | 48,044.00 | 83,696.00 | 32,105.00 |
| 2018-03-31 | 51,081.00 | 83,251.00 | 33,269.00 |
| 2017-12-31 | 49,802.00 | 77,660.00 | 59,475.00 |
| 2017-09-30 | 48,761.00 | 76,747.00 | 36,714.00 |
| 2017-06-30 | 48,869.00 | 76,160.00 | 38,407.00 |
| 2017-03-31 | 48,372.00 | 70,998.00 | 42,379.00 |
| 2016-12-31 | 46,970.00 | 71,259.00 | 62,637.00 |
| 2016-09-30 | 46,527.00 | 75,859.00 | 39,218.00 |
| 2016-06-30 | 44,712.00 | 77,735.00 | 29,956.00 |
| 2016-03-31 | 44,267.00 | 65,275.00 | 30,867.00 |
| 2015-12-31 | 42,796.00 | 82,500.00 | 52,313.00 |
| 2015-09-30 | 41,861.00 | 79,318.00 | 33,651.00 |
| 2015-06-30 | 41,593.00 | 74,709.00 | 26,602.00 |
| 2015-03-31 | 41,721.00 | 73,618.00 | 35,242.00 |
| 2014-12-31 | 40,206.00 | 71,559.00 | 46,420.00 |
| 2014-09-30 | 39,273.00 | 64,669.00 | 26,257.00 |
| 2014-06-30 | 38,738.00 | 63,679.00 | 21,945.00 |
| 2014-03-31 | 38,147.00 | 64,106.00 | 30,908.00 |
| 2013-12-31 | 37,686.00 | 60,363.00 | 43,308.00 |
| 2013-09-30 | 36,889.00 | 72,808.00 | 44,419.00 |
| 2013-06-30 | 36,708.00 | 76,841.00 | 39,173.00 |
| 2013-03-31 | 37,049.00 | 74,661.00 | 38,105.00 |
| 2012-12-31 | 35,998.00 | 52,142.00 | 28,273.00 |
| 2012-09-30 | 34,840.00 | 66,463.00 | 42,808.00 |
| 2012-06-30 | 34,440.00 | 70,962.00 | 40,904.00 |
BANK ANALYSIS
This company is a bank or financial institution, which is analysed accordingly below.
- DBS Group Holdings has an acceptable proportion of non-loan assets held.
- DBS Group Holdings's liabilities are made up of primarily low risk sources of funding.
- Loans at DBS Group Holdings are broadly funded by customer deposits.
- DBS Group Holdings's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
- DBS Group Holdings has a low allowance for bad loans.
- DBS Group Holdings has an acceptable level of bad loans (less than 2%).
Financial health checks
We assess DBS Group Holdings's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) DBS Group Holdings has a total score of 5/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
D05 Dividends
What is DBS Group Holdings's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
SGD2,000 of
DBS Group Holdings
shares you are expected to receive
SGD94
in your first year as a dividend.
Dividend Amount
- DBS Group Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.54%).
- DBS Group Holdings's dividend is below the markets top 25% of dividend payers in Singapore (5.75%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
| Asia Banks Industry Average Dividend Yield | Market Cap Weighted Average of 50 Stocks | 4.4% |
| Singapore Market Average Dividend Yield | Market Cap Weighted Average of 276 Stocks | 4% |
| Singapore Minimum Threshold Dividend Yield | 10th Percentile | 1.6% |
| Singapore Bottom 25% Dividend Yield | 25th Percentile | 2.5% |
| Singapore Top 25% Dividend Yield | 75th Percentile | 5.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in SGD) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 1.50 | 1.00 |
| 2022-12-31 | 1.40 | 1.00 |
| 2021-12-31 | 1.34 | 14.00 |
| 2020-12-31 | 1.30 | 17.00 |
| 2019-12-31 | 1.23 | 18.00 |
| Date (Data in SGD) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-04-29 | 1.200 | 4.486 |
| 2019-02-18 | 1.200 | 4.642 |
| 2018-11-05 | 1.200 | 5.004 |
| 2018-10-15 | 1.200 | 5.017 |
| 2018-08-01 | 1.200 | 4.744 |
| 2018-02-07 | 1.200 | 4.300 |
| 2017-11-06 | 0.660 | 2.621 |
| 2017-09-12 | 0.660 | 3.090 |
| 2017-05-22 | 0.600 | 2.877 |
| 2016-10-31 | 0.600 | 3.286 |
| 2016-08-08 | 0.600 | 3.965 |
| 2016-02-22 | 0.600 | 3.909 |
| 2015-03-24 | 0.580 | 3.236 |
| 2015-03-09 | 0.580 | 2.926 |
| 2015-02-09 | 0.580 | 2.975 |
| 2014-05-19 | 0.600 | 3.262 |
| 2013-10-31 | 0.560 | 3.356 |
| 2013-08-07 | 0.560 | 3.398 |
| 2013-04-29 | 0.560 | 3.377 |
| 2012-11-14 | 0.560 | 3.730 |
| 2012-11-01 | 0.560 | 4.019 |
| 2012-08-02 | 0.560 | 3.889 |
| 2012-02-10 | 0.560 | 4.040 |
| 2011-11-02 | 0.560 | 4.503 |
| 2011-08-26 | 0.560 | 4.583 |
| 2011-04-28 | 0.560 | 3.855 |
| 2011-04-01 | 0.560 | 3.795 |
| 2011-03-14 | 0.560 | 3.913 |
| 2011-03-07 | 0.560 | 3.881 |
| 2011-02-11 | 0.560 | 3.877 |
| 2010-11-01 | 0.560 | 3.893 |
| 2010-07-30 | 0.560 | 3.941 |
| 2010-05-07 | 0.560 | 3.999 |
| 2010-02-05 | 0.560 | 3.844 |
| 2009-12-31 | 0.560 | 3.778 |
| 2009-11-06 | 0.560 | 3.819 |
| 2009-08-07 | 0.560 | 4.319 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
DBS Group Holdings's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.5x coverage).
- Dividends after 3 years are expected to be well covered by earnings (2x coverage).
Income/ dividend checks
We assess DBS Group Holdings's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can DBS Group Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) DBS Group Holdings has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
D05 Management
CEO
| COMPENSATION | SGD11,862,527 |
| AGE | 58 |
| TENURE AS CEO | 9.5 years |
CEO Bio
Mr. Piyush Gupta has been the Chief Executive Officer of DBS Group Holdings Ltd and DBS Bank Ltd. since November 9, 2009. Mr. Gupta served as the Chief Executive Officer of South-East Asia & Pacific regions of Citibank Singapore Ltd. since September 2008. He served as a Head of Asean Markets & Banking at Citigroup Inc. since August 2007 and covered Singapore, Malaysia, Philippines, Indonesia, Thailand, Vietnam and Brunei. Prior to joining DBS, he was Citigroup’s Chief Executive Officer for South East Asia, Australia and New Zealand. Mr. Gupta served as the Chief Executive and Citi Country Officer of Malaysia at Citibank Berhad since October 2002, responsible for its overall franchise in the market. He also served as Citi's Country Officer for Indonesia and Singapore. Mr. Gupta joined Citibank in 1982 in India and held various senior management roles across Citi's corporate and consumer banking businesses, including Head of Strategic Planning for Emerging Markets and Regional Director for Global Transaction Services for Asia Pacific. He oversaw the expansion at Citi's branch network from three to seven, opening its first new branch in Malaysia in 48 years, before further extending Citi's reach through a sales subsidiary with 10 branches. Mr. Gupta serves as the Chairman at Citigroup Holding (Singapore) Private Limited. He served as the Chairman and Director of Citibank Berhad from October 2002 to September 3, 2009. He serves as Vice Chairman at DBS Bank (Hong Kong) Limited. He serves as Vice Chairman at The Islamic Bank of Asia Limited. He has been a Director of DBS Bank (Hong Kong) Limited since July 14, 2010. He has been a Director of DBS Group Holdings Ltd and an Executive Director of DBS Bank Ltd. since November 9, 2009. He served as a Director of Info-communications Development Authority of Singapore from December 1, 2015 to October 1, 2016. He serves as an advisory board member of Sim Kee Boon Institute for Financial Economics, a member of the Governing Council of the Human Capital Leadership Institute and a council member of Singapore Business Federation. He is also a Managing Council member of Indian Business leaders Roundtable (under SINDA) and the Chairman of The Association of Banks in Singapore. He is also Chairman of Sim Kee Boon Institute for Financial Economics Advisory Board, a council member of The Association of Banks in Singapore and a Managing Council member of Indian Business-leaders’ Roundtable (under SINDA). His external appointments include serving as the Deputy Chairman of SPRING Singapore, as a council member of the Asian Bureau of Finance and Economic Research and on the boards of Infocomm Development Authority of Singapore, Institute of International Finance, Inc., The Institute of Banking and Finance, Dr. Goh Keng Swee Scholarship Fund, and the MasterCard Asia/Pacific, Middle East and Africa Regional Advisory Board. His external appointments include serving on the Group of Experts to the ASEAN Capital Markets Forum and on the boards of Global Indian Foundation. Mr. Gupta was named Singapore Business Awards' Outstanding Chief Executive of the Year in 2016. In 2014, he was named as the Singapore Business Leader of the Year by CNBC and in 2013, he was accorded the CEO Leadership Achievement Award for Singapore and Asia Pacific by The Asian Banker. Mr. Gupta holds Bachelor of Arts (Honours) in Economics from St Stephen's College Delhi University and an MBA degree from The Indian Institute of Management in Ahmedabad. He holds a Post Graduate Diploma in Management from IIM, Ahmedabad.
CEO Compensation
- Piyush's compensation has been consistent with company performance over the past year, both up more than 20%.
- Piyush's remuneration is higher than average for companies of similar size in Singapore.
Management Team Tenure
Average tenure and age of the DBS Group Holdings management team in years:
- The average tenure for the DBS Group Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Piyush Gupta
CEO & Executive Director
SGD12M
58
9.5 yrs
Sok Hui Chng
Chief Financial Officer
57
10.6 yrs
David Gledhill
Chief Information Officer and Head of Technology & Operations
Michael Sia
Head of Investor Relations
Chee Lam
Head of Legal
Karen Ngui
Head of Strategic Marketing & Communications
13.9 yrs
Yan Lee
Head of Human Resources
Andrew Ng
Head of Treasury & Markets and Group Executive of DBS Bank
56
Carrie Tan
Group Head of Institutional Banking (IBG)
50
8.8 yrs
Sim Lim
Group Head of Consumer Banking (CBG) & Wealth Management
60
8.7 yrs
Board of Directors Tenure
Average tenure and age of the DBS Group Holdings board of directors in years:
- The tenure for the DBS Group Holdings board of directors is about average.
Board of Directors
Peter Seah
Chairman
SGD2M
71
9 yrs
Piyush Gupta
CEO & Executive Director
SGD12M
58
9.5 yrs
Paulus Sutisna
President Director of PT Bank DBS Indonesia
54
Euleen Goh
Director
SGD395K
63
10.4 yrs
Danny Teoh
Director
SGD351K
63
8.6 yrs
Tian Yee Ho
Lead Independent Director
SGD355K
66
0.5 yrs
Andre Sekulic
Director
SGD307K
67
7.1 yrs
Nihal Vijaya Devadas Kaviratne
Director
SGD292K
74
8.1 yrs
Foong Pheng Ow
Director
SGD253K
54
7.1 yrs
Olivier Lim
Non-Executive Independent Director
SGD271K
53
1.5 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by DBS Group Holdings insiders in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (SGD) | Value (SGD) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 07. May 19 | Buy | Tse Ghow Lim | Individual | 06. May 19 | 06. May 19 | 10,000 | SGD26.53 | SGD265,300 | ||
| 01. Mar 19 | Buy | Tse Ghow Lim | Individual | 28. Feb 19 | 28. Feb 19 | 16,000 | SGD24.97 | SGD399,520 | ||
| 13. Aug 18 | Buy | Tse Ghow Lim | Individual | 10. Aug 18 | 10. Aug 18 | 8,000 | SGD25.41 | SGD203,288 | ||
Management checks
We assess DBS Group Holdings's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) DBS Group Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
D05 News
Simply Wall St News
How Much Are DBS Group Holdings Ltd (SGX:D05) Insiders Spending On Buying Shares?
So we'll take a look at whether insiders have been buying or selling shares in DBS Group Holdings Ltd (SGX:D05). … See our latest analysis for DBS Group Holdings The Last 12 Months Of Insider Transactions At DBS Group Holdings In the last twelve months, the biggest single purchase by an insider was when Non-Executive Independent Director Tse Ghow Lim bought S$400k worth of shares at a price of S$24.97 per share. … The good news for DBS Group Holdings share holders is that an insider was buying at near the current price.
Simply Wall St - – Full articleIncome Investors Should Know The DBS Group Holdings Ltd (SGX:D05) Ex-Dividend Date
Important news for shareholders and potential investors in DBS Group Holdings Ltd (SGX:D05): The dividend payment of S$0.60 per share will be distributed to shareholders on 17 May 2019, and the stock will begin trading ex-dividend at an earlier date, 02 May 2019. … Well, keep on reading because today, I'm going to look at the latest data and analyze the stock and its dividend property in further detail. … Based on future earnings growth, will it be able to continue to payout dividend at the current rate
Simply Wall St - – Full articleHere's Why I Think DBS Group Holdings (SGX:D05) Might Deserve Your Attention Today
DBS Group Holdings's Earnings Per Share Are Growing. … Not all of DBS Group Holdings's revenue this year is revenue from operations, so keep in mind the revenue and margin numbers I've used might not be the best representation of the underlying business. … While we note DBS Group Holdings's EBIT margins were flat over the last year, revenue grew by a solid 20% to S$12b.
Simply Wall St - – Full articleThe DBS Group Holdings (SGX:D05) Share Price Has Gained 80% And Shareholders Are Hoping For More
One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During three years of share price growth, DBS Group Holdings achieved compound earnings per share growth of 6.6% per year. … Dive deeper into the earnings by checking this interactive graph of DBS Group Holdings's earnings, revenue and cash flow.
Simply Wall St - – Full articleWhat Do Analysts Think About DBS Group Holdings Ltd's (SGX:D05) Growth?
Since DBS Group Holdings Ltd (SGX:D05) released its earnings in December 2018,. … with earnings expected to grow by 10% in the upcoming year … the past 5-year average growth rate of 5.0%
Simply Wall St - – Full articleIs DBS Group Holdings Ltd's (SGX:D05) High P/E Ratio A Problem For Investors?
The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … DBS Group Holdings has a price to earnings ratio of 11.58, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleWhat Should You Know About The Future Of DBS Group Holdings Ltd's (SGX:D05)?
In December 2018, DBS Group Holdings Ltd (SGX:D05) released its latest earnings announcement, whicha … suggested
Simply Wall St - – Full articleThree Important Risks For DBS Group Holdings Ltd (SGX:D05) You Should Know
As a S$64b market capitalisation bank, DBS Group Holdings Ltd (SGX:D05) is well-positioned to benefit from the improving credit quality as a result of post-GFC recovery. … Growth stimulates demand for loans and impacts a borrower’s ability to repay which directly affects the level of risk DBS Group Holdings takes on. … It is relevant to understand a bank’s level of risky assets on its accounts as it affects the attractiveness of its stock as an investment.
Simply Wall St - – Full articleIs DBS Group Holdings Ltd's (SGX:D05) CEO Pay Fair?
In 2009 Piyush Gupta was appointed CEO of DBS Group Holdings Ltd (SGX:D05). … This analysis aims first to contrast CEO compensation with other large companies. … See our latest analysis for DBS Group Holdings
Simply Wall St - – Full articleIs DBS Group Holdings Ltd (SGX:D05) A Smart Pick For Income Investors?
There is a lot to be liked about DBS Group Holdings Ltd (SGX:D05) as an income stock. … Let's dig deeper into whether DBS Group Holdings should have a place in your portfolio. … View our latest analysis for DBS Group Holdings
Simply Wall St - – Full articleD05 Company Info
Description
DBS Group Holdings Ltd provides financial products and services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. It operates through Consumer Banking/Wealth Management, Institutional Banking, Treasury Markets, and Others segments. The Consumer Banking/Wealth Management segment offers banking and related financial services, including current and savings accounts, fixed deposits, loans and home finance, cards, payments, investment, and insurance products for individual customers. The Institutional Banking segment provides financial services and products for bank and non-bank financial institutions, government-linked companies, large corporates, and small and medium sized businesses. Its products and services comprise short-term working capital financing and specialized lending; cash management, trade finance, and securities and fiduciary services; treasury and markets products; and corporate finance and advisory banking, as well as capital markets solutions. The Treasury Markets segment is involved in structuring, market-making, and trading in a range of treasury products. The Others segment offers stock trading and Islamic banking services. The company operates approximately 280 branches across 18 markets. DBS Group Holdings Ltd was founded in 1968 and is headquartered in Singapore.
Details
| Name: | DBS Group Holdings Ltd |
| D05 | |
| Exchange: | SGX |
| Founded: | 1968 |
| SGD65,837,049,581 | |
| 2,557,771,934 | |
| Website: | http://www.dbs.com |
| Address: |
DBS Group Holdings Ltd Tower 3, DBS Asia Central @ Marina Bay Financial Centre, Singapore, 018982, Singapore |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| SGX | D05 | Ordinary Shares | Singapore Exchange | SG | SGD | 22. Sep 1999 | |
| OTCPK | DBSD.F | Ordinary Shares | Pink Sheets LLC | US | USD | 22. Sep 1999 | |
| DB | DEVL | Ordinary Shares | Deutsche Boerse AG | DE | EUR | 22. Sep 1999 | |
| OTCPK | DBSD.Y | SPONSORED ADR | Pink Sheets LLC | US | USD | 31. Jan 1985 | |
| SGX | 2N8B | 4.7%-FRN PERP SGD250000 'REGS' | Singapore Exchange | SG | SGD | 04. Dec 2013 |
Number of employees
Current staff
Industry
| Diversified Banks | |
| Banks |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/22 12:41 |
| End of day share price update: | 2019/05/22 00:00 |
| Last estimates confirmation: | 2019/05/21 |
| Last earnings filing: | 2019/04/28 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
